The Dynamics of a Capitalist Economy

In this new work, the authors analyse the ways in which modern economies function and evolve dynamically. They emphasize the morphology of change rather than equilibrium and thus develop a distinctive and highly original approach. They analyse varieties of disequilibrium behaviour in capitalist systems under the influence of persistent structural evolution. Potential theory and generalized coordinates are employed in a multisectoral analysis of prices and outputs. Among the topics discussed are growth, stability, bifurcation, control theory and chaotic behaviour. Insights are drawn from the work of Marx, Schumpeter, Walras, von Neumann, Sraffa, Robinson, Kalecki and Keynes. Part II provides a mathematical treatment of some of the issues raised by this approach. The analysis is broadened to include joint production and capital theory as well as problems concerning the choice of techniques. The mathematical details are derived and explained in an appendix. This book will be of interest to professional economists, graduates and third-year undergraduates in economics.